Global Music Streaming Service Market Size, Trends, and Growth Opportunity, By Service Type (On-Demand, Live Streaming), By Platform (Applications, Web browser), By Content Type (Audio, Video), By End Use (Individual, Commercial), Regional Outlook, Competitive Market Share & Forecast, 2022 – 2027.
Global Music Streaming Service Market
The Global Music Streaming Service Market was valued at USD 29.3 billion in 2021 and is estimated to reach USD 84.26 billion in 2027, with a CAGR of 17.51%.
Music streaming services are media services that focus on providing high-quality & copyrighted music to an audience either on-demand or live. These services usually also include other forms of audio content like podcasts. These services may be available for free although most services are subscription-based. Free services often place limitations on features and include advertisements after certain minutes of playing and limits on use.
Market Drivers
The growing use of smartphones and other smart devices is one of the reasons driving the global music streaming service market. In the 1st quarter of 2020, the number of online music players reached over 40 million, which is a Y-o-Y growth of more than 500%. Additionally, the covid-19 pandemic enabled music streaming services and apps to gain popularity at an unprecedented rate.
Key market participants and music corporations are also pushing the use of advanced technologies. IoT, AI & ML, AR, VR, Holograms, and 5G are all expected to drive the growth of the global music streaming service market. Also, a rising number of internet subscribers will help expand the market.
Market Restraints
The high cost of streaming and pricey music subscription packs can slow the development of this market. Corporations usually provide free subscriptions for a limited period before requiring users to purchase access to the music to continue using the service. This is a significant deterrent to the market growth of music streaming services.
Market Segmentation
The global music streaming service market is segmented into service types of on-demand and live-to-stream, and platforms of applications and web browsers. Further, the market is segmented into content types such as audio and video, and by end-use, which is individual use and commercial use.
Regional Analysis
Historically, North America has accounted for the largest revenue share in the global music streaming service market, and it is expected that this trend will continue throughout the forecast period. The presence of corporations such as Pandora, Amazon, Google, and Apple are a significant reason for the trend of higher market share. The growth is further supported by the existence of advanced infrastructures in this region regarding internet services, smartphones and other smart devices, and seamless payment technologies.
A new growth trend will be observed in the Middle Eastern and African region during the forecast period. This is expected due to several recent domestic and international investments in this region. The APAC market is also expected to witness significant growth, mainly due to the growing preference of the population to opt for subscription-based music applications.
Key Developments
In May 2022, ByteDance, the company behind the popular short-video app TikTok filed a patent for ‘TikTok Music’ with the US Patent and Trademark Office. The short-video app is already considered an influential tool to discover new music, with more than 150 songs viral on the app getting featured in the Billboard Hot100 chart.
In November 2022, it was reported that Apple Inc was set to release a subscription-based standalone app exclusively for streaming classical music. To be named ‘Apple Music Classical,’ the new app is expected to compete with the French streaming platforms ‘Idagio’ and ‘Qobuz’ as well as the Norwegian-based app ‘Tidal’, promising a higher quality FLAC audio format.
Key Players
Apple Inc., Amazon.com Inc., Aspiro AB (Tidal), Spotify AB, Deezer, SoundCloud Limited, Pandora Media, Inc., Tencent Music Entertainment Group, Gamma Gaana Ltd, Saavn Media Pvt Ltd, Google LLC (YouTube Music), iHeartMedia Inc (iHeartRadio), and SiriusXM Holdings Inc.
Market Taxonomy
By Service Type
• On-Demand
• Live Streaming
By Platform
• Applications
• Web Browsers
By Content Type
• Audio
• Video
By End Use
• Individual
• Commercial
By Region
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa
Global Music Streaming Service Market
1 Introduction
1.1 Objective of the Study
1.2 Market Definition
1.3 Market Scope
2 Research Methodology
2.1 Data Mining
2.2 Validation
2.3 Primary Interviews
2.4 List of Data Sources
3 Executive Summary
4 Global Music Streaming Service Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Global Music Streaming Service Market, By Service Type
5.1 Y-o-Y Growth Comparison, By Service Type
5.2 Global Music Streaming Service Market Share Analysis, By Service Type
5.3 Global Music Streaming Service Market Size and Forecast, By Service Type
5.3.1 On-Demand
5.3.2 Live Streaming
6 Global Music Streaming Service Market, By Platform
6.1 Y-o-Y Growth Comparison, By Platform
6.2 Global Music Streaming Service Market Share Analysis, By Platform
6.3 Global Music Streaming Service Market Size and Forecast, By Platform
6.3.1 Applications
6.3.2 Web Browser
7 Global Music Streaming Service Market, By Content Type
7.1 Y-o-Y Growth Comparison, By Content Type
7.2 Global Music Streaming Service Market Share Analysis, By Content Type
7.3 Global Music Streaming Service Market Size and Forecast, By Content Type
7.3.1 Audio
7.3.2 Video
8 Global Music Streaming Service Market, By End Use
8.1 Y-o-Y Growth Comparison, By End Use
8.2 Global Music Streaming Service Market Share Analysis, By End Use
8.3 Global Music Streaming Service Market Size and Forecast, By End Use
8.3.1 Individual
8.3.2 Commercial
9 Global Music Streaming Service Market, By Region
9.1 Global Music Streaming Service Market Share Analysis, By Region
9.2 Global Music Streaming Service Market Size and Forecast, By Region
10 North America Music Streaming Service Market Analysis and Forecast (2022-2027)
10.1 Introduction
10.2 North America Music Streaming Service Market Share Analysis, By Service Type
10.3 North America Music Streaming Service Market Size and Forecast, By Platform
10.4 North America Music Streaming Service Market Size and Forecast, By Content Type
10.5 North America Music Streaming Service Market Size and Forecast, By End Use
10.6 North America Music Streaming Service Market Size and Forecast, By Country
10.6.1 U.S.
10.6.2 Canada
10.6.3 Mexico
11 Europe Music Streaming Service Market Analysis and Forecast (2022-2027)
11.1 Introduction
11.2 Europe Music Streaming Service Market Share Analysis, By Service Type
11.3 Europe Music Streaming Service Market Size and Forecast, By Platform
11.4 Europe Music Streaming Service Market Size and Forecast, By Content Type
11.5 Europe Music Streaming Service Market Size and Forecast, By End Use
11.6 Europe Music Streaming Service Market Size and Forecast, By Country
11.6.1 Germany
11.6.2 France
11.6.3 UK
11.6.4 Rest of Europe
12 Asia Pacific Music Streaming Service Market Analysis and Forecast (2022-2027)
12.1 Introduction
12.2 Asia Pacific Music Streaming Service Market Share Analysis, By Service Type
12.3 Asia Pacific Music Streaming Service Market Size and Forecast, By Platform
12.4 Asia Pacific Music Streaming Service Market Size and Forecast, By Content Type
12.5 Asia Pacific Music Streaming Service Market Size and Forecast, By End Use
12.6 Asia Pacific Music Streaming Service Market Size and Forecast, By Country
12.6.1 China
12.6.2 Japan
12.6.3 India
12.5.4 Rest of Asia
13 Latin America Music Streaming Service Market Analysis and Forecast (2022-2027)
13.1 Introduction
13.2 Latin America Music Streaming Service Market Share Analysis, By Service Type
13.3 Latin America Music Streaming Service Market Size and Forecast, By Platform
13.4 Latin America Music Streaming Service Market Size and Forecast, By Content Type
13.5 Latin America Music Streaming Service Market Size and Forecast, By End Use
13.6 Latin America Music Streaming Service Market Size and Forecast, By Country
13.6.1 Brazil
13.6.2 Rest of Latin America
14 Middle East Music Streaming Service Market Analysis and Forecast (2022-2027)
14.1 Introduction
14.2 Middle East Music Streaming Service Market Share Analysis, By Service Type
14.3 Middle East Music Streaming Service Market Size and Forecast, By Platform
14.4 Middle East Music Streaming Service Market Size and Forecast, By Content Type
14.5 Middle East Music Streaming Service Market Size and Forecast, By End Use
14.6 Middle East Music Streaming Service Market Size and Forecast, By Country
14.6.1 Saudi Arabia
14.6.2 UAE
14.6.3 Egypt
14.6.4 Kuwait
14.6.5 South Africa
15 Competitive Analysis
15.1 Competition Dashboard
15.2 Market share Analysis of Top Vendors
15.3 Key Development Strategies
16 Company Profiles
16.1 Apple Inc
16.1.1 Overview
16.1.2 Offerings
16.1.3 Key Financials
16.1.4 Business Segment & Geographic Overview
16.1.5 Key Market Developments
16.1.6 Key Strategies
16.2 Amazon.com Inc
16.2.1 Overview
16.2.2 Offerings
16.2.3 Key Financials
16.2.4 Business Segment & Geographic Overview
16.2.5 Key Market Developments
16.2.6 Key Strategies
16.3 Aspiro AB (Tidal)
16.3.1 Overview
16.3.2 Offerings
16.3.3 Key Financials
16.3.4 Business Segment & Geographic Overview
16.3.5 Key Market Developments
16.3.6 Key Strategies
16.4 Spotify AB
16.4.1 Overview
16.4.2 Offerings
16.4.3 Key Financials
16.4.4 Business Segment & Geographic Overview
16.4.5 Key Market Developments
16.4.6 Key Strategies
16.5 Deezer
16.5.1 Overview
16.5.2 Offerings
16.5.3 Key Financials
16.5.4 Business Segment & Geographic Overview
16.5.5 Key Market Developments
16.5.6 Key Strategies
16.6 SoundCloud Limited
16.6.1 Overview
16.6.2 Offerings
16.6.3 Key Financials
16.6.4 Business Segment & Geographic Overview
16.6.5 Key Market Developments
16.6.6 Key Strategies
16.7 Pandora Media, Inc.
16.7.1 Overview
16.7.2 Offerings
16.7.3 Key Financials
16.7.4 Business Segment & Geographic Overview
16.7.5 Key Market Developments
16.7.6 Key Strategies
16.8 Tencent Music Entertainment Group
16.8.1 Overview
16.8.2 Offerings
16.8.3 Key Financials
16.8.4 Business Segment & Geographic Overview
16.8.5 Key Market Developments
16.8.6 Key Strategies
16.9 Gamma Gaana Ltd
16.9.1 Overview
16.9.2 Offerings
16.9.3 Key Financials
16.9.4 Business Segment & Geographic Overview
16.9.5 Key Market Developments
16.9.6 Key Strategies
16.10 Saavn Media Pvt Ltd
16.10.1 Overview
16.10.2 Offerings
16.10.3 Key Financials
16.10.4 Business Segment & Geographic Overview
16.10.5 Key Market Developments
16.10.6 Key Strategies
16.11 Google LLC (YouTube Music)
16.11.1 Overview
16.11.2 Offerings
16.11.3 Key Financials
16.11.4 Business Segment & Geographic Overview
16.11.5 Key Market Developments
16.11.6 Key Strategies
16.12 iHeartMedia Inc (iHeartRadio)
16.12.1 Overview
16.12.2 Offerings
16.12.3 Key Financials
16.12.4 Business Segment & Geographic Overview
16.12.5 Key Market Developments
16.12.6 Key Strategies
16.13 SiriusXM Holdings Inc.
16.13.1 Overview
16.13.2 Offerings
16.13.3 Key Financials
16.13.4 Business Segment & Geographic Overview
16.13.5 Key Market Developments
16.13.6 Key Strategies
